PropertyProf Blog

Editor: Stephen Clowney
Univ. of Arkansas, Fayetteville

Friday, February 10, 2012

Reaction to the Mortgage Foreclosure Settlement

Following up on Mark's posts, Matt Yglesias from Slate has some reactions to the foreclosure fraud settlement.  He gives a brief background on the case, then argues that the settlment ($26 billion) was too small and that the government missed a chance to push for large scale reform/destruction of the big banks:

I don't want to be the kind of guy who sniffs at a $26 billion settlement, but the reality is that's a relatively small amount of money. It's small relative to the $250 billion (nominal) tobacco settlement from the late 1990s. Certainly it's small relative to the $700 billion in total underwater mortgage debt outstanding in the United States.

Steve Clowney

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